The core reasons why a country might redenominate are to fight high inflation, to simplify accounting, for political reasons, to boost investor’s confidence, to enhance pegging, and to show that a form of monetary reform. In 2007, Ghana redenominated its currency due to inflation. In 2009, the Zimbabwean Dollar was rebased due to hyperinflation. It […]
7 Reasons Why A Country May Redenominate Its Currency Read More »
Meaning of multiple exchange rate systems Multiple exchange rate systems refer to systems where a country maintains more than one official exchange rate for its currency. How it works In a multiple exchange rate setup, the apex bank may set different rates for different types of transactions or for different types of goods and services.
9 Reasons for Multiple Exchange Rate Systems and Its Problems Read More »
What is the Unification of Exchange Rates? Unification of exchange rate refers to the process through which a country that has multiple exchange rates for its currency consolidates them into a single rate. Unifying the exchange rate seeks to simplify and streamline foreign exchange systems, and it has economic, financial, and sometimes political implications. Nigeria, for
How Does Unification of Exchange Rate Work? Read More »
The Current State of Affairs of USD/NG Dollar to Naira exchange rate at the Importers’ and Exporters’ window closed at $/N747.87 on Monday, September 4, 2023, while it closed at $/N912 at the black market (the unofficial market), the same day. The Background to Dollar to Naira Rate 40 years ago (1983), $1 = N0.724,
Can the Naira Ever Be Equivalent to The US Dollar? Read More »
A former Emir of Kano, Muhammadu Sanusi II, has warned that the US Dollar to Naira could fall to N1,500, “if the CBN printed more naira” the way it did during the administration of former President Muhammadu Buhari. Sanusi, who berated how Buhari’s government managed the economy, said experts’ advice was ignored while it borrowed about NGN30
Naira Could Fall to N1,500 – Sanusi Read More »
Insufficient inflow, the gradual collapse of the production sector, especially agriculture, and the flamboyant political structure are some of the reasons the Nigerian currency is falling and may continue to do so if the government fails to address the core issues. What is the actual value of Naira? For an investor or anyone who wants
Why the Naira Is Falling Read More »
PVS: Definition, Launch Date, and How It Works Nigeria’s apex bank will launch Go- Live of the FX Price Verification System (PVS) on August 31, 2023, it said in a statement Thursday. What is Forex Price Verification System? The Forex Price Verification System is a foreign exchange price verification system designed for importers to have access to
CBN to Launch Forex Price Verification System (PVS) Read More »
Foreign currency inward transfer commonly referred to as FX inflow is foreign currencies sent from another country to the other e.g. money sent from the United Kingdom to the United States. For an individual, it is a currency sent from another country to the domiciliary account of a recipient in another country. The most popular currencies
FX Inflow: How Foreign Currency Inward Transfer Works Read More »
Takeaways: USD/NGN exchange on GTB FX sales was $/N1,130 on Tuesday, April 16, 2024, as the Naira continued to rebound both at the parallel market and on NFEM. The bank uses the prevailing exchange rate on the Nigerian Foreign Exchange Market (NFEM). This means dom account holders can sell their foreign earnings to the bank
What Is GTBank Exchange Rate Today? Read More »
UPDATE: The Central Bank of Nigeria has cancelled I & E window after the unification of all the exchange rate windows. It is now known as Nigerian Foreign Exchange Market (NFEM). The latest development followed the decision of Nigeria’s apex bank to abolish multiple exchange rates into the I&E FX Window on Wednesday, June 14, 2023.
I & E Market Now Known As NFEM Read More »
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